国际经济与区域经济教研室学术讲座：上市是否促进了企业出口——来自中国的证据

讲座题目：Does Access to Equity Promote Trade? Evidence from IPO Approvals in China

讲座时间：2024年4月26日周五，上午9:30

讲座地点：岭南堂林植宣会议室

主 持 人：李兵（中山大学岭南学院 副教授）

中文题目：上市是否促进了企业出口——来自中国的证据

主讲人简介:

孙腾，斯坦福大学经济学博士，现于香港城市大学商学院会计系担任助理教授，兼聘于经济和金融系。目前已在Journal of the European Economic Association, Review of Economics and Statistics, Journal of Financial Economics, Journal of Development Economics, 管理世界等国内外权威经济管理专业杂志上等发表论文多篇。

所在工作单位官网介绍：

https://www.cb.cityu.edu.hk/People-and-Research/People/People-Details?eid=tengsun

英文摘要：This paper investigates the understudied impact of equity financing on firms’ export performance. We leverage the unique institutional context of initial public offering (IPO) in China, where firms must obtain formal approval from the regulatory agency for their public listing. Our empirical strategy compares firms that have undergone the IPO approval process, using successful and unsuccessful IPO firms as treatment and control groups, respectively. To sharpen the identification, we exploit the IPO review meeting records to exclude rejections citing clauses indicative of conditions that directly impact a firm’s export outcomes. Our difference-in-differences analysis reveals that IPO approval leads to a significant increase of more than 40% in the export value of firms over the subsequent six years. Notably, in contrast to existing research on debt financing, we find that equity financing primarily operates through the extensive margin, with firms expanding into more destination-product markets while making minimal changes to their average exports per market. Furthermore, we identify the acceleration of intangible capital accumulation, such as technology stocks and consumer bases, as well as the alleviation of informational and reputational frictions, as the mechanisms through which equity financing positively affects trade. We also utilize natural language processing (NLP) tools to conduct textual analysis on firms’ IPO prospectuses and find supportive evidence for the proposed channels.

中文摘要：这篇论文研究了股权融资对企业出口绩效的影响。我们利用中国首次公开发行（IPO）的独特制度背景，即企业必须从监管机构获得正式批准才能进行公开上市。我们的实证策略将经历过IPO批准过程的企业进行比较，分别使用成功和失败的IPO企业作为处理组和对照组。为了提高识别度，我们利用IPO审查会议记录排除了拒绝理由中涉及直接影响企业出口结果的条款。我们的差异分析显示，IPO批准导致企业出口价值在随后的六年内显著增加了40%以上。值得注意的是，与现有关于债务融资的研究相反，我们发现股权融资主要通过广泛的边际作用，使企业进入更多的目的地-产品市场，同时对其每个市场的平均出口量进行的改变不大。此外，我们确定了无形资本积累的加速，例如技术水平和消费者群体，以及信息和声誉摩擦的缓解，这些是股权融资对贸易产生积极影响的机制。我们还利用自然语言处理（NLP）工具对企业的IPO招股说明书进行文本分析，并找到了支持所提出渠道的证据。